Russian stocks may rise at opening on weak ruble, growing oil

MOSCOW, May 16 (PRIME) -- The Russian stock market may rise at opening on Tuesday over weakening ruble, expectations of dividends and growing oil price, analysts said.

“If the growth of the dollar accelerates to the zone of 82.00–83.50 rubles, the growth of the MOEX Russia Index will continue to 2,657 points. I still expect the decrease of the index after May 18,” BitRiver financial analyst Vladislav Antonov said.

The sanctions risks, declining oil prices and growing budget deficit remain the key factors of the ruble weakening against foreign currencies, the analyst also said.

According to senior analyst at financial supermarket Banki.Ru Bogdan Zvarich, the prevalence of buying in Russian equities may persist at the start of trading on the return of Brent oil to the U.S. $75–80 per barrel corridor, as well as the expectation of dividend news.

The MOEX Russia Index will try to consolidate above 2,600 points, which has moved into the category of supports, and will try the April highs of around 2,650 points, Zvarich added.

PSB Bank senior analyst Yegor Zhilnikov said that the dollar may continue to rise during today's trading, and it is quite probable that the dollar will reach 81 rubles, as there is an obvious excess of demand over supply of foreign currency on the market.

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